San Mateo County Employees' Retirement Association

This document outlines SamCERA's Investment Policy, establishing guidelines for the prudent management of the Trust Fund assets. It details the governance framework, including the roles and responsibilities of the Board, Staff, and various external managers and consultants. The policy sets forth investment objectives focused on ensuring liquidity for benefit payments, generating risk-adjusted returns, achieving long-term real growth, and diversifying the portfolio. Key beliefs emphasize strategic asset allocation, a long-term horizon, and cost-effectiveness. The policy provides comprehensive asset allocation targets across growth, diversifying, inflation hedge, and liquidity categories, and includes operational policies for manager evaluation, performance reporting, risk mitigation, and compliance with disclosure requirements regarding placement agents.

This strategic plan outlines the Board of Retirement's long-term and short-term approach to its responsibilities as trustees of the Fund and oversight of the retirement system administration. The plan's vision is to be a well-governed and financially sound public retirement system, achieved through effective management, prudent investment, and efficient benefits administration. Key focus priorities include managing investment program complexities, preparing for periods when cash outflows exceed contributions, enhancing risk management for cybersecurity and financial accounting, aligning organizational resources, strengthening Board governance, and enhancing the member experience.

This Funding Policy describes the overall funding goal and objectives for the San Mateo County Employees' Retirement Association (SamCERA), aiming to ensure pension benefits are adequately funded. Its primary goal is to achieve and maintain a 100% funded ratio. Key objectives include ensuring benefit security, maintaining stable and predictable costs, promoting intergenerational equity, and ensuring cost sustainability for employers. The policy outlines the methods, assumptions, and metrics used to assess funding progress and guide the Board's decisions.

This document outlines SamCERA's Investment Policy, establishing the Board of Retirement's fiduciary responsibilities and investment guidelines for the San Mateo County Employees' Retirement Association. It details the policy's purpose, governing documents, roles in fund management, and specific investment objectives focused on ensuring liquidity for benefit payments, generating risk-adjusted returns, and achieving long-term real growth with minimized volatility. The policy is guided by investment beliefs emphasizing strategic asset allocation, diversification, and fiscal prudence, covering comprehensive asset allocation strategies, rebalancing, manager performance evaluation, proxy voting, and securities lending, all aimed at prudent administration and effective risk mitigation.